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Littelfuse Announces Acquisition of Teccor Electronics

DES PLAINES, Illinois, July 8, 2003 - Littelfuse, Inc. (NASDAQ/NMS:LFUS) today announced it has acquired Teccor Electronics, Inc. from a subsidiary of Invensys plc for $44 million in cash plus a future payment of $5 million contingent on sales of Teccor products reaching $107 million for calendar year 2005.

Teccor, based in Irving, Texas, has annual global sales of approximately $75 million. Teccor は電気通信および工業市場向けのセミコンダクタ製品を製造、販売しています。 The company manufactures two product groups: a line of transient voltage suppressor devices and a line of power switching devices. Teccor has the number one market share position in North America and is in the top three globally for both product categories.

"We are pleased to welcome Teccor to the Littelfuse family," said Howard B. Witt, Chairman, President and Chief Executive Officer. "The addition of Teccor's market-leading line of overvoltage products solidifies our position as the global leader in circuit protection," added Witt.

"This strategically important acquisition deepens our overvoltage protection offering and strengthens our position in the telecom and industrial market segments," said David Samyn, General Manager, Electronics Division. "Teccor's complementary products and value added approach to selling will augment Littelfuse's capabilities as the world's leading provider of circuit protection solutions."

"The last two years have been challenging for Teccor due to their telecom exposure, but both sales and profitability are improving," said Phil Franklin, Vice President, Treasurer and Chief Financial Officer. "We have an aggressive integration plan that is expected to result in $8-10 million in annual savings within two years. Related to this plan, we will be accruing approximately $6 million for restructuring charges on the opening balance and spending approximately $6 million in capital. Additionally, we will spend approximately $7 million after closing to buy out equipment leases. We estimate that this acquisition will be about $0.10 dilutive to earnings for the remainder of 2003, be roughly neutral to earnings for 2004 and significantly accretive to earnings for 2005."

“Despite the near-term challenges, this is the right move for Littelfuse,” said Witt. “We are confident in our ability to execute on the cost reduction plan, and both the Littelfuse and Teccor teams are excited about the opportunities that will be created by bringing these two market leaders together.”

Littelfuse is a global company offering the broadest line of circuit protection products in the industry. In addition to its Des Plaines world headquarters, Littelfuse has manufacturing facilities in England, Ireland, Switzerland, Mexico, China and the Philippines, as well as in Centralia, Des Plaines and Arcola, Illinois. It also has sales, engineering and distribution facilities in the Netherlands, Singapore, Hong Kong, Taiwan, Japan, Korea and Brazil.


リテルヒューズ会社案内 1927年に創立した Littelfuse, Inc. は、業界で最も豊富な回路保護関連製品およびソリューションのバリエーションを提供する、回路保護分野の世界的大手企業です。リテルヒューズの機器は民生用電子機器から自動車、工業機材にいたるまで、実質的にあらゆる市場の電力製品を保護します。イリノイ州シカゴに構える本社のほか、南北米大陸、ヨーロッパ、アジアでセールス、販売、製造、エンジニアリング施設など 20 ヶ所以上のロケーションを有しています。リテルヒューズが提供するテクノロジーには、ヒューズガスアレスター (GDT)正温度係数機器 (PTC)保護リレーPulseGuard® ESD サプレッサ交流用シリコンダイオード機器TVS ダイオードアレイ(SPA™ 製品群)スイッチングサイリスタTVS ダイオードバリスタなどが挙げられます。また、商用車や特殊車両の電気機械、電子機器用スイッチおよび制御装置、そして地下配電センターなどの高信頼性製品の総合的なラインナップも展開しています。

詳細については弊社ウェブサイト www.littelfuse.com をご覧ください。

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1995年私募証券訴訟改革法の「セーフハーバー」条項。本文に記載された将来の見通しに関する記述には、製品需要および市場の受け入れ、経済状況の影響、製品および価格の競争による影響、製品開発および特許権の保護、商業化や技術面における問題、生産能力や供給上の制約および困難、為替相場変動、契約下での実際の販売、リテルヒューズの会計方針に関連する影響、ならびにリテルヒューズの証券取引委員会に対する申告に説明されるその他のリスクを含み、またそれらに限定されないリスクおよび不確実性が伴います。